WTI Crude Oil Aims Fresh Increase
WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Oil
Crude oil price also gained pace and was able to climb above the $82.00 resistance.
There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of XTI/USD at FXOpen, the price gained pace above the $81.00 resistance zone against the US Dollar. The price climbed above the $82.00 resistance to move into a positive zone.
A high was formed near $83.83 before the price corrected lower. There was a move below the 23.6% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high. However, the bulls were active near the $82.00 support.
The price is now trading near the 50-hour simple moving average at $82.45. There is also a key contracting triangle forming with support near $82.00.
On the upside, resistance is seen near the triangle’s upper trend line at $83.00. The first major resistance is near the $83.25 level, above which the price might accelerate higher toward $84.20 or even $85.00. Any more gains might send the price toward the $86.50 level in the coming sessions.
On the downside, support is near the $82.00 level. The next major support is near the 61.8% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high at $81.00.
If there is a downside break, the price might decline toward $79.65. Any more losses may perhaps open the doors for a move toward the $75.00 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for Oil
Crude oil price also gained pace and was able to climb above the $82.00 resistance.
There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of XTI/USD at FXOpen, the price gained pace above the $81.00 resistance zone against the US Dollar. The price climbed above the $82.00 resistance to move into a positive zone.
A high was formed near $83.83 before the price corrected lower. There was a move below the 23.6% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high. However, the bulls were active near the $82.00 support.
The price is now trading near the 50-hour simple moving average at $82.45. There is also a key contracting triangle forming with support near $82.00.
On the upside, resistance is seen near the triangle’s upper trend line at $83.00. The first major resistance is near the $83.25 level, above which the price might accelerate higher toward $84.20 or even $85.00. Any more gains might send the price toward the $86.50 level in the coming sessions.
On the downside, support is near the $82.00 level. The next major support is near the 61.8% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high at $81.00.
If there is a downside break, the price might decline toward $79.65. Any more losses may perhaps open the doors for a move toward the $75.00 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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